SmartMetric, Inc. (OTCQB: SMME) reports fraud losses worldwide reached $27.85 billion in 2018 and are projected to rise to $35.67 billion in five years and $40.63 billion in 10 years according to The Nilson Report, the leading global card and mobile payments trade publication.
Losses of $27.85 billion in 2018 were up from $23.97 billion the year before. Credit, Debit and Pre-Paid cards generated $40.582 in transactions in 2018. An increase of 17.7% over 2017.
By 2023 total credit, debit and other payment card transaction volume is projected to reach $57.080 trillion. Gross card fraud is projected to reach $35.67 billion. It is further projected that by 2027 total card transactions will total $71.593 trillion.
“It has been long rumored that credit and debit cards will be replaced by other forms of payment but the reality is that credit and debit cards remain the most favored format for point of sale non-cash payments. Further it is being projected by industry analysts that this dominance in payments will continue going forward with a staggering $71,593 Trillion in transaction value by 2027,” said today SmartMetric’s President and CEO, Chaya Hendrick.
SmartMetric has embedded a fully functional fingerprint scanner inside the standard chip-based credit and debit card. It allows the card to be locked and only able to be used following the legitimate cardholder touching the sensor on the card’s surface triggering a sub second fingerprint scan and match with the users pre-stored fingerprint stored inside the card.
The SmartMetric biometric fingerprint activated credit/debit card is easy to use and allows an easy to enroll of a person’s fingerprint. The cardholders’ fingerprint is stored and encrypted inside the SmartMetric biometric card in a one-time touch and store process. Similar to the simplicity and ease of storing a fingerprint on a mobile phone. SmartMetric secure user storage of the cardholders’ fingerprint does not require additional fingerprint reading devices in Bank branches for enrolling fingerprints. This allows the SmartMetric biometric card solution to be easily used by mass card issuers without having to change their distribution methods.
This video link shows the simple and secure fingerprint enrollment process for the card user. FINGERPRINT CARD ENROLLMENT
Biometric security used to activate the credit/debit card provides a much more enhanced level of security beyond the simple four-digit PIN. This enhanced security represents a major advance in the protection of cardholders and card issuing banks alike.
The current manufacturing capacity of the SmartMetric biometric credit/debit card is in excess of 1 million cards a month.
An independent research company has projected that estimated biometric credit/debit cards worldwide over the next few years will exceed 500 million cards. According to industry figures, over 9 billion credit/debit chip-based cards have been issued globally.
SmartMetric is a USA based company with sales and marketing partnerships in Latin America, Europe the United States. Engineering of the biometric card electronics is done in-house and is the owned intellectual property of the company.
Figures provided by the Nilson Report and Goode Intelligence
Safe Harbor Statement: Forward-Looking Statements in this press release, which are not historical facts, are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Also such forward-looking statements are within the meaning of that term in Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Our actual results, performance or achievements may differ materially from those expressed or implied by these forward-looking statements. In some cases, you can identify forward-looking statements by the use of words such as “may,” “could,” “expect,” “intend,” “plan,” “seek,” “anticipate,” “believe,” “estimate,” “predict,” “potential,” “continue,” “likely,” “will,” “would” and variations of these terms and similar expressions, or the negative of these terms or similar expressions. Such forward-looking statements are necessarily based upon estimates and assumptions that, while considered reasonable by us and our management, are inherently uncertain. Factors that may cause actual results to differ materially from current expectations include, among others, if we are unable to access the capital necessary to fund current operations or implement our plans for growth; changes in the competitive environment in our industry and the markets where we operate; our ability to access the capital markets; and other risks discussed in the Company’s filings with the U.S. Securities and Exchange Commission, including our Annual Report on Form 10-K, which filings are available from the SEC. We caution you not to place undue reliance on any forward-looking statements, which are made as of the date of this press release. We undertake no obligation to update publicly any of these forward-looking statements to reflect actual results, new information or future events, changes in assumptions or changes in other factors affecting forward-looking statements, except to the extent required by applicable laws. If we update one or more forward-looking statements, no inference should be drawn that we will make additional updates with respect to those or other forward-looking statements. Investors and security holders are urged to carefully review and consider each of SmartMetric Inc. public filings with the SEC, including but not limited to, if applicable, Annual Reports on Form 10-K, proxy statements, Current Reports on Form 8-K and Quarterly Reports on Form 10-Q.
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